When Facebook reports earnings after the closing bell on Wednesday, analysts expect second quarter revenue to grow 37% to $1.62 billion.

Once again, investors will be poring over numbers related to Facebook’s mobile business, and any comments by management about the efficacy of the social network’s mobile ads and upcoming ad products, such as new video ad units.

Facebook has been aggressively ramping up its mobile business since 2012, in a bid to offset the rapid decline of desktop computer usage. And mobile has become an increasingly bigger slice of its advertising business: from nothing around the time of Facebook’s spring 2012 IPO, mobile ads grew to 14%, to 23% and then 30% in the first quarter of this year, when the totaled reached $374 million.

The mobile percentage is expected to climb yet again in the second quarter; however, because Facebook has some control over where ads are placed, analysts will put significant weight on the overall top-line ad revenue figure. The company’s outlook will also be key as Facebook heads into more difficult comps.

“I’m more curious how total ad spend looks as desktop usage fades,” said Richard Greenfield, a BTIG analyst. “The key issue for me is their views toward the [second half] as they start to lap the start of mobile ads.”

The overall strength of Facebook’s ad business will be especially interesting to watch this quarter, given the recent results of peers Google and Yahoo. Yahoo’s earnings revealed soft pricing for its premium ad inventory. Meanwhile, Google results showed a 6% year over year drop in costs per click — or the average it charges advertisers when users click on ads. The company acknowledged that the shift to mobile was partly to blame.

During earnings calls, Facebook’s management team also usually offers some insight on how specific ad products are faring. App install ads — which promote the download of third party mobile applications — have become one of Facebook’s more popular offerings. Investors certainly will be interested to hear about the company’s progress with them.

They’ll also be interested in whatever Facebook might say about its plans for video ads. The social network has taken its time in this ad category, but it has been positioning the chess pieces to make a big play. Earlier this year, it introduced short video on Instagram, its popular photo-sharing service. Though Instagram is still ad-free, Facebook worked closely with brands to launch the video product.

As the Journal has reported, Facebook has been pitching video ads to run in its main news feed product. Though many big brands have signed on, the rollout of the product has been delayed.